Raising Our Home Values?
In the September meeting of our Cheyenne County Commissioners, they will be voting on a 4% increase in home values throughout the county.
During inflation and recession, home values decrease and we find this a little strange to suggest an increase.
Here are two homes we looked at today on Zillow. Both in Sidney and both on the market at this time. These graphs are directly from Zillow which nationwide has a 90% accuracy rate. You can see in the last few months both homes have lost substantial amounts of value.
While this is not reflective of every home in Sidney, it does give a preview of what is still coming in the Sidney housing market. With the pandemic and then inflation, many moved out of Colorado and came to Sidney which artificially raised our home prices in the short term. This will most likely continue to decline as fewer buyers can afford the higher mortgage rates. The problem is no one can say for sure.
What we do know for sure is. DON”T raise any home values at this time. The trend is in the other direction. Ease the burden on the residents of Cheyenne County, at least for the next year while the market finds its mean value.